U.S. Treasury Secretary Scott Bessent, in a wide-ranging interview on Mornings with Maria, weighs in on President Donald Trumps assembly with Vladimir Putin, updates U.S.-China commerce talks and housing affordability disaster options.
Treasury Secretary Scott Bessent on Monday stated that the Trump administration is mulling the declaration of a nationwide housing emergency in an effort to handle excessive housing costs and restricted stock.
“We may declare a national housing emergency in the fall,” Bessent instructed the Washington Examiner in a Labor Day interview.
Bessent reiterated that rate of interest cuts by the Federal Reserve can be useful for bringing housing costs decrease, but additionally acknowledged within the interview that the Trump administration may take different steps geared toward increasing the provision of housing in addition to assuaging sure prices.
“We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties and municipal governments,” Bessent stated. “I think everything is on the table.”
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Bessent opted towards itemizing the chief actions that President Donald Trump may take if the White Home declares a nationwide housing emergency, however instructed the Examiner that officers are evaluating methods to standardize native constructing and zoning codes in addition to lower closing prices.
A house on the market in Cupertino, California, US, on Wednesday, Feb. 7, 2024. (Photographer: Loren Elliott/Bloomberg by way of Getty Pictures / Getty Pictures)
The treasury secretary additionally instructed the outlet that the Trump administration might take into account some tariff exemptions for sure development supplies to cut back prices.
Lumber prices have been notably unstable this 12 months amid the Trump administration’s implementation of tariff insurance policies, notably given U.S. imports of Canadian lumber.
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Bessent stated the Trump administration may take into account tariff exemptions for development supplies. (Angus Mordant/Bloomberg by way of Getty Pictures / Getty Pictures)
The Nationwide Affiliation of House Builders (NAHB) reported that as of the week ending Aug. 22, the composite worth of framing lumber was up 5.8% year-over-year, whereas lumber futures have been 19.1% larger than a 12 months in the past regardless of current declines.
The Commerce Division in July introduced that it will greater than double countervailing duties on Canadian softwood lumber imports from 6.74% to 14.63%. Canadian lumber can also be topic to an anti-dumping tariff of 20.6%, which brings the entire charge utilized to Canadian lumber to 35.2%, up from 14.4%, the NAHB famous.
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Different development supplies which might be delicate to tariffs are gypsum, which is utilized in drywall and is basically imported from Mexico.
